Bonheur's renewables unit posts higher profit in 2020

Image Source: Fred. Olsen Windcarrier (http://windcarrier.com/)

February 22 (Renewables Now) - The renewables unit of Norwegian group Bonheur ASA (OSL:BON) reported a net profit of NOK 462 million for 2020, a significant increase from NOK 86 million a year earlier.

The segment includes Fred. Olsen Renewables (FORAS) and its unit Fred. Olsen Green Power AS. FORAS has 51% stakes in eight wind farms in Scotland, and 100% in three plants in Scotland, Norway and Sweden. The combined capacity of the power plants is 680 MW.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) slipped by 4% to NOK 857 million (USD101m/EUR 83m) in 2020, according to preliminary results announced by the company.

For 2020, the unit booked operating revenues of NOK 1.45 billion, up from NOK 1.44 billion in 2019. Power generation grew by 8% to 1,872.7 GWh last year.

In the fourth quarter of the year alone, the unit reported EBITDA of NOK 247 million, down from NOK 276 million the previous year, while net profit fell to NOK 113 million from NOK 129 million in 2019.

Meanwhile, Bonheur's offshore wind business saw EBITDA drop to NOK 273 million in 2020 from NOK 419 million the previous year, as a result of lower average day rates. The net loss for the period arrived at NOK 246 million, widening from NOK 173 million. Operating revenues were NOK 3.13 billion, up from NOK 2.76 billion previously.

For the fourth quarter, the unit booked EBITDA of NOK 102 million, compared with a loss of NOK 73 million a year earlier. Net loss narrowed to NOK 100 million from NOK 244 million in 2019.

(NOK 1.0 = USD 0.118/EUR 0.097)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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